Bill Text: NY S09024 | 2017-2018 | General Assembly | Introduced

New York Senate Bill 9024 (Prior Session Legislation)

Introduced

Bill Title: Relates to decoupling from federal transition tax for partnerships.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-06-14 - REFERRED TO RULES [S09024 Detail]

Download: New_York-2017-S09024-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          9024
                    IN SENATE
                                      June 14, 2018
                                       ___________
        Introduced  by Sen. FLANAGAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        AN ACT to amend the tax law, in  relation  to  decoupling  from  federal
          transition tax for partnerships
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subsection (b) of section 612 of  tax  law  is  amended  by
     2  adding a new paragraph 43 to read as follows:
     3    (43)  For  taxable  years  beginning  after December thirty-first, two
     4  thousand seventeen, distributions from  earnings  and  profits  excluded
     5  from  the gross income of a United States shareholder under section nine
     6  hundred fifty-nine of the internal revenue code and which were previous-
     7  ly subject to federal income tax under subsection (a)  of  section  nine
     8  hundred  sixty-five of the internal revenue code, to the extent that the
     9  gross income  from  such  distributions  were  subtracted  from  federal
    10  adjusted  gross  income  under paragraph forty-four of subsection (c) of
    11  this section.
    12    § 2. Subsection (c) of section 612 of tax law is amended by  adding  a
    13  new paragraph 44 to read as follows:
    14    (44)  For  taxable  years  beginning  after December thirty-first, two
    15  thousand seventeen, any amount included in federal adjusted gross income
    16  under subsection (a) of section nine hundred sixty-five of the  internal
    17  revenue  code,  after  any  deductions  allowed  under subsection (c) of
    18  section nine hundred sixty-five of the internal revenue code.
    19    § 3. This act shall take effect immediately and shall apply to taxable
    20  years beginning on or after January 1, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16282-02-8